To help celebrate the listing of SifChain (ROWAN), AscendEX’s Mary Zheng sat down for an AMA with SifChain’s Director of Marketing Jared Moore to gain more insight into the project’s success and strategy for the future.
Mary Zheng | AscendEX
Hi Jared! Welcome to the AscendEX community. For those that are not familiar with the project, can you briefly describe SifChain and tell us what problems you are aiming to solve?
Jared Moore | SifChain
SifChain has an Omni-chain DEX that derives its accuracy from peg chains (Peggy 2.0).
Basically, it’s a cross-chain DEX with the least slippage and is a primitive for Cosmos, EVM chain, or other chain DEXs/tools to use along with traditional traders.
Mary Zheng | AscendEX
Let us transition towards the native token — ROWAN. How does the ROWAN token function within the platform and why is it needed?
Jared Moore | SifChain
The ROWAN token is used as gas, and to pay network fees on transactions, but it also provides the DEX with a peg token as each trading pair, through Peggy, is tied to the ROWAN. The ROWAN token will also come to play a big part when the DAO launches and governance/voting rights are given to ROWAN holders.
Mary Zheng | AscendEX
Cool. Could you share the development status and progress of the project thus far? Including any major partners and perhaps some operational data.
Jared Moore | SifChain
We are rolling out our IBC protocol to help make us fully usable Omni-EVM! We are not just close, but very close to the IBC launch! Major partners can be found on our site: https://SifChain.finance/our-team/
Mary Zheng | AscendEX
Who will the users/clients be on your platform and what are some examples of use cases for them?
Jared Moore | SifChain
Users will vary but to start, there are many retail traders who want to trade cross-chain between Cosmos and Ethereum, additionally there are people wanting to trade with lower fees and higher transaction speeds than on Ethereum. Margin trading is another use case that will come later as well. Eventually more DEXs and other tools will be using SifChain’s trading pairs as integrative features making SifChain an Omni-chain primitive! SifChain will work with anything DeFi, NFTs, etc across many chains.
Mary Zheng | AscendEX
What is your strategy in regards to attracting more users to your protocol?
Jared Moore | SifChain
Gaining more users comes down to 2 major things: A better UX (which is rolling out with the IBC launch), and breaking free from obscurity through awareness. We are participating in AMAs like this, growing our partnerships and integrations, treating our community with respect because we want to form a lifelong bond with them. We want to give our users farming yields, listen to their ideas, and make features specific to their needs.
Mary Zheng | AscendEX
Great. Let’s talk about the current landscape of other projects doing something similar. What separates you from some of the competitors?
Jared Moore | SifChain
Good question! The Peggy chain! More information will come out on this chain’s development, but for now it’s what is able to give us an advantage in security (vs traditional AMM pairs), less slippage and provides more rewards to our validators!
Mary Zheng | AscendEX
What unique experience does your team bring that puts SifChain in a position to be successful?
Jared Moore | SifChain
Our CEO previously being the lead architect of Thorchain gives us an edge. But on top of his great contributions, our team was able to raise over $26m in the initial public sale and we further built out the team with more amazing developers, operations, and community leaders! This team is one of the most motivated and competent teams I’ve worked with.
Mary Zheng | AscendEX
Can you please elaborate on the goals you are aiming to achieve in 2021?
Jared Moore | SifChain
For the rest of this year’s roadmap, please see: https://SifChain.finance/#roadmap
Mary Zheng | AscendEX
Great, last question from my end before we switch over to community q&a session. As a non-project-related question, which sector of crypto markets excites you the most?
Jared Moore | SifChain
I know NFTs are really a hot market right now, and I totally understand why (and partially agree with it), but what’s an underrated, less-discussed topic inside of DeFi is the ability for some protocols to unlock yield from traditionally money-stagnant locations. Physical and non-physical.
In short, DeFi is still super amazing and I think it will have another wave like the crypto market has had with ICOs then DeFi and NFTs. DeFi 2.0 will look really interesting.
Mary Zheng | AscendEX
I pretty much finished on my end, if you’re ready, we will unmute the chat and see if the community has any questions.
Community Questions:
ROMAN
During the development of the platform, blockchain projects always put security and anonymity first. So, do you have any technical solutions or plans to increase user trust regarding these topics?
Jared Moore | SifChain
Big risks always come down to security on public blockchains. For this we are keeping Halborn (halborn.com) on retainer to audit everything we put out.
Samuel Oyinloye
Is “ omni-chain “ also the same as omni blockchain,
Explain more about the use cases of omni-chain in your ecosystem?
Jared Moore | SifChain
Yes omni meaning “all”; for now we’re launching IBC which enables our asset swaps across EVM chains (think polygon, BSC, etc.) and there are developing plans to further bridge other chains!
Aura II Aksia
Will the SifChain team be working on reducing gas costs? You said you would offer multiple grants to the community for SifDAO members. Can you explain what’s going on with your grant program?
Jared Moore | SifChain
Gas reduction will be important for any chain going forward. Our gas fees are already a lot lower than Ethereum’s, but it makes sense to further improve over time. The DAO has not yet launched.
Dalmasca Blockchain
Why is Peggy working to support IBC? What is the significance of porting eRowan to Rowan in Peggy and how will SifChain connect to multiple blockchains via IBC?
Jared Moore | SifChain
Peggy is the protocol that allows the import/export of assets to SifChain. eRowan is the ethereum-version of the rowan token, but cannot be used on SifChain. SifChain connects to multiple projects by allowing assets to be pegged on SifChain, then exported to whichever chain needed. Think of it as a bridge.
SifChain AMA Recap was originally published in AscendEX on Medium, where people are continuing the conversation by highlighting and responding to this story.
